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Former Kaupthing CEO named as suspect in fraud case

Former Kaupthing chief executive Sigurdur Einarsson has been named an official suspect by Icelandic fraud prosecutors, according to a report in the Observer.

The report says Einarsson is under investigation by Iceland’s anti-fraud unit regarding alleged market manipulation relating to an investment in Kaupthing by Qatari royal Sheikh Mohammed Bin Khalifa al-Thani weeks before its collapse a year ago. 

The investigation centres on the purchase of a 5.01 per cent stake in the bank by a company owned by the Sheikh in mid-September 2008.  

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